Oaktree Capital co-founder Howard Marks is warming up to cryptocurrency. Once a crypto skeptic, he now says “thankfully” his son is “quite positive on bitcoin” and “owns a meaningful amount for our family.”
Howard Marks Warming up to Crypto
Howard Marks, co-founder and co-chairman of Oaktree Capital Management, talked about bitcoin in a memo published this week. He has been discussing investment strategies with his son, Andrew, a professional investor who focuses on growth and technology companies.
In one section of the memo, Marks admitted that he had “a high level of skepticism” towards cryptocurrencies. The Oaktree Capital Management co-founder noted:
This view has been a source of much discussion for me and Andrew, who is quite positive on bitcoin and several others and thankfully owns a meaningful amount for our family.
“In the case of cryptocurrencies, I probably allowed my pattern recognition around financial innovation and speculative market behavior – along with my natural conservatism – to produce my skeptical position,” he explained. “These things have kept Oaktree and me out of trouble many times, but they probably don’t help me think through innovation.”
Marks continued: “I’ve concluded (with Andrew’s help) that I’m not yet informed enough to form a firm view on cryptocurrencies. In the spirit of open-mindedness, I’m striving to learn.” He proceeded to direct any questions and comments about cryptocurrency and bitcoin to his son.
The Oaktree Capital executive is not the only one who recently softened his view on bitcoin. Earlier this month, economist David Rosenberg pleaded “ignorance on bitcoin,” admitting that the cryptocurrency exceeded his expectation. In November, Bridgewater Associates founder Ray Dalio admitted that he may be wrong about bitcoin and has since gained a better understanding of the cryptocurrency.
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